Banking system upgrades services at customers’ needs during peak period

Although the rate of non-cash payments in the province is increasing rapidly, before the traditional Tet holiday, the demand for shopping transactions and cash spending increases very strongly. Province-based banking system has prepared resources to ensure people's payment needs.

Diverse payment services

Over the past time, province-based commercial banks actively invested and developed their networks of credit institutions, transaction offices as well as new banking solutions and services through the system of automatic transaction machines, card payments... to serve customers’ needs. The whole province has so far had 815 VTMs, ATMs and over 1,800 points of sale (POS) installed, interconnected with about 3.1 million domestic and international cards in circulation. Thus, the State Bank's (SBV) efforts to promote non-cash payments have been effective.

The ATM system covers all localities in the province, being ready to meet customers’ needs at the end of the year

Although consumer habits have changed, many people, especially workers in industrial parks and rural people still need to use cash. Therefore, banks have harmonized the cash supply for the economy, especially during the Tet holiday, ensuring the provision of payment services and the stable, safe and smooth operation of the ATM system.

Vo Dinh Phong, Director of the State Bank of Vietnam - Binh Duong Branch said that it has become a practice that in the last months of the year, especially during the Tet holiday, the need to use cash of organizations, businesses and individuals increases and the amount of money withdrawn from banks is very large. Therefore, the State Bank of Vietnam - Binh Duong Branch has soon directed the local credit institutions to proactively balance resources, ensuring liquidity, fully and promptly meeting cash needs and making payments for economic sectors.

On the other hand, according to Mr. Phong, commercial banks need to be proactive to promptly replenish funds, take appropriate measures to reduce the load on ATMs and ensure the safe operation of VTM systems, ATMs and POS devices, smoothly serving payment needs during Tet. In addition, the State Bank of Vietnam - Binh Duong Branch has also planned to regulate and supply cash to promptly and fully meet the quantity and denomination of currency to serve the needs of people and businesses.

Proactive technical solutions

Drawing from practical experience over the past years, as soon as the third quarter ended, many banks have proactively planned and implemented solutions to ensure timely supply of cash as well as smooth operation of the ATM system on Tet.

According to Tran Ngoc Linh, Director of BIDV - Binh Duong Branch, at the end of the year, people's demand for cash usually increases 3 or times compared to normal days. To ensure cash supply, the branch has estimated the source of salaries, Tet bonuses of customers opening accounts, the amount of money being likely to arise, the amount of cash to serve tourists, and Tet spending to set up a plan for preparation. On the other hand, to ensure the ATM system that is safe and operates smoothly, the bank has currently reviewed transmission lines, increased human resources in technology, arranged staff to be on duty during the Tet holiday and announced phone numbers at ATMs so that customers can contact if necessary. In order to reduce the load of cash withdrawal at ATMs, the branch is actively propagandizing and guiding customers to use non-cash payment methods.

With 62 ATMs in the province, Agribank - Binh Duong Branch is one of the banks with a quite modern ATM system. Tran Thi Quynh Chau, Deputy Director of Agribank - Binh Duong Branch said that the branch has implemented maintenance and replacement of equipment for ATMs before the salary and Tet bonus payments. In addition, the branch is equipped with transaction security monitoring software on ATMs to promptly detect unusual transactions. “Normally, depositing money at ATMs is only once a day, especially during the peak period before the Tet holiday, in areas with many factories and businesses, with a large number of workers, the branch will increase vehicles to deliver funds many times a day, based on the needs of each location", said Mrs. Chau.

In the province, especially in industrial parks, as of now, there has been no network congestion or overload at ATMs, because this is not the peak time for paying salaries and Tet bonuses. Therefore, although affirming their best efforts in providing cash and limiting overload at ATMs, many banks also admit that the situation of people waiting and queuing to withdraw money in some industrial parks is unavoidable... "In case of needing to transfer or withdraw money... cardholders should choose areas with many ATMs, or machines located at the headquarters or transaction offices of banks. This is because if a technical problem occurs, it will be processed more quickly. In addition, customers can also choose many forms of online payment without having to withdraw cash", Nguyen Thai Minh Quang, Director of Vietcombank - Binh Duong Branch shared.

In fact, the development of diverse forms of non-cash payment is a way to avoid ATM overload during Tet. However, many people are also concerned about network congestion when choosing the online money transfer method on computers or smartphones, as well as the risk of being scammed when transacting online. The habit of non-commercial payment methods and the above solutions will continue being effective in the upcoming peak days, so that people, especially workers in industrial parks, do not fall into a situation where they can't laugh or cry because having money, but not being able to withdrawn for consumption.

Reported by Thanh Hong-Translated by Kim Tin